California Democratic Congressman Brad Sherman has submitted an amendment to the House Rules Committee aimed at incorporating specific cryptocurrency regulations into the required National Defense Authorization Act (NDAA). This amendment is designed to enhance the control and supervision of cryptocurrency transactions by US financial regulatory agencies, especially those related to foreign entities or conducted overseas.
Enhancing the authority of the Treasury Secretary to block Russia
Sherman’s proposed amendment first grants the US Treasury Secretary clear authority to prohibit cryptocurrency addresses linked to Russia from trading on digital asset trading platforms within US jurisdiction. This is to prevent illicit actors from using cryptocurrency to circumvent economic sanctions imposed on Russia. The provision emphasizes the necessity of clear regulatory authority to prevent transactions possibly related to Russian entities and ensure compliance with domestic and international sanctions.
Enhancing FinCEN reporting requirements
The second part of the amendment focuses on enhancing reporting requirements for US taxpayers involved in significant overseas cryptocurrency transactions. The Financial Crimes Enforcement Network (FinCEN) will be authorized to require any US taxpayer conducting cryptocurrency transactions valued over $10,000 outside the US to submit FinCEN Form 114 (FBAR). This requirement aims to increase transparency, combat financial crime, and ensure reporting of significant overseas cryptocurrency transactions.
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NDAA
Russia
National Defense Authorization Act
Democratic Party